Production Linked Incentive (PLI) schemes have the potential for creating 60 lakh new jobs for a period of 5 years starting from 2021-22
- Press Information Bureau
- March 24, 2023
During 2017-18, the Ministry of Statistics & Programme Implementation (MoSPI) has been collecting statistics on employment and unemployment through the Periodic Labour Force Survey (PLFS). According to the most recent Annual PLFS Reports, the estimated Unemployment Rate (UR) has declined from 6% to 4.1% from 2017-18 to 2021-22 for individuals of 15 years above. The Indian government has made a number of actions to boost employment in the country.
The Indian government has made several actions to boost employment in the country. The budget for 2023-24 suggested increasing capital investment outlay by 33% to US$ 121.60 billion (Rs. 10 lakh crore). This significant increase in recent years has been critical to the government's efforts to boost growth potential and job creation. The Government of India has announced Aatmanirbhar Bharat package to provide a fiscal stimulus of more than US$ 328.32 billion (Rs 27 lakh crore) to mitigate the adverse impact of Covid 19.
The Aatmanirbhar Bharat Rojgar Yojana (ABRY) was started on October 1, 2020, to incentivize employers to create new jobs and restore jobs lost during the Covid-19 pandemic. Benefits have been provided to 60.3 lakh beneficiaries under the scheme since its inception until March, 2023.
Since June 1, 2020, the government has been implementing the Prime Minister Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi Program) to provide collateral-free working capital loans to street vendors to help them relaunch their operations. As of March 13, 2023, 42.21 lakh loans had been disbursed through the scheme.
The government is implementing the Production Linked Incentive (PLI) schemes with an outlay of US$ 23.95 billion (Rs. 1.97 lakh crore) over a five-year period beginning in 2021-22, with the potential to create 60 lakh new employment.
Other various flagship programmes of the Government are Make in India, Start-up India, Stand-up India, Digital India, Prime Minister’s Employment Generation Programme (PMEGP), Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Pt. Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) and Deen Dayal Antodaya Yojana-National Urban Livelihoods Mission (DAY-NULM)and more.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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